Post
Topic
Board Altcoin Discussion
Re: A World of Trust – eMunie Consensus Primer
by
TPTB_need_war
on 23/08/2015, 17:11:15 UTC
It was a suggestion to someone I know and hopefully a wake up call to readers to be careful. But he is of course free to make statements such as this where he is implying some very complex math and algorithm with some blackbox non-peer reviewed simulation model is some how at some higher level of soundness (it is the sort of proclamation only n00bs can make because they don't seem to understand that even academics make big mistakes, that is why peer review is so important). And I provided a link for him in my prior post for one reason all consensus algorithms up to now may be fundamentally flawed. Specifically I expect serious issues to be found in NEM, once someone expert has the time to dig into breaking it. The more complex a model, the more likely it will have flaws. Bitcoin's proof-of-work is simple and withstood the test of time so far and up to a $10 billion market cap to attack (and yes I do think it is fundamentally flawed also  but at least the flaws are enumerable which I can't say for complex designs):

PoI is one of the most complicated consensus mechanisms in crypto created by real published academics.  Stellar also has real academics working on their consensus mechanism, but it works in a completely different way so it is hard to compare.  



For an in depth explanation you can read the technical report in chapter 7.  http://nem.io/NEM_techRef.pdf